South Korean Politicians Allegedly Involved In WEMIX Crypto Trading Fraud

South Korean politicians who have 800,000 WEMIX tokens are accused of fraud. (Photo; Doc. Wemix)

JAKARTA - A South Korean lawmaker named Kim Nam-guk is suspected of being involved in cryptocurrency trading fraud activities. According to South Korean media reports, when Kim Nam-guk proposed delaying taxes on virtual assets such as cryptocurrencies in 2021, he had 800,000 WEMIXs with a peak value exceeding 6 billion won or around 4.55 million US dollars (Rp 66.9 billion).

This crime was later discovered by the Financial Intelligence Unit (FIU) and reported to the prosecutor's office for investigation. FIU found that Kim Nam-guk pulled all the 800,000 WEMIX coins he owned from late February to early March last year. The details of the transaction are then classified as unusual and reported to the prosecutor's office.

Although the court rejected the prosecutor's request to monitor Kim Nam-guk's account based on data from FIU, investigations were ongoing. In response to this case, the Democratic Party of Korea expressed their concern about possible problems such as unauthorized profits, asset concealment, or tax evasion if a state official owns virtual assets.

In an interview with the media, Kim Nam-guk said that his transaction was a normal transaction without problems and that he was not at all aware of any investigation from the South District Attorney. However, this incident remains in the public spotlight because it involves a state official who is suspected of being involved in illegal activities.

Cryptocurrency trading in South Korea has been in the spotlight of media and regulators over the past few years. Some regulators have issued legislation to protect consumers and strengthen industrial scrutiny.

The emergence of cases like this shows that there are still major challenges in maintaining the integrity of the cryptocurrency market and ensuring fair and legitimate transactions. Therefore, related parties must continue to work together to fight this crime and protect the interests of the community.